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Intelligent Finance

Sample questions relating to Intelligent Finance transfer of equity

  • I am in the process of removing a name from a joint mortgage and the Intelligent Finance need me to use a conveyancer to carry out the paperwork. Can you recommend a reasonably priced Heathfield conveyancer to deal with the transfer of equity? They need to be on the Intelligent Finance conveyancing panel.
  • My mum passed away seven months ago leaving a loan-free bungalow to me and my step brother equally. He has always lived in the house, there was a condition in the will specifying that the propertycould not be sold for 24 months after her passing so he could remain there for a prescribed period. He now wants to remain in the house beyond the specified period. We have considered a transfer of equity. Am I right in saying we should get a valuation then he'd get a mortgage in the traditional way to acquire my half from me?
  • Do I need legal representation when doing a transfer of equity where the home loan is to remain with Intelligent Finance?
  • I am filling out a Intelligent Finance transfer of equity request and have arrived at the part that asks about debts etc. There are some debts that I have been discharging over a long period, I understand that they have long since disappeared from my credit rating. Must I disclose these?
  • I intend to refinance my flat in Blaenavon changing from Santander to Intelligent Finance. The flat is jointly owned but propose for it to be in my name only once I transfer. My wife has agreed to this and is happy to transfer equity but neither of us want to incur conveyancing solicitor charges.
  • My partner and I co-own a flat in Crabtree . Home loan is with Intelligent Finance. I would like to transfer full ownership to him with no exchange of money but without using a conveyancing solicitor. Do you think this should be easy to so?
  • What is the process for adding or subtracting names (transfer of equity) to or from my Intelligent Finance mortgage account?

Questions that your conveyancer could ask regarding your Intelligent Finance Transfer of Equity

Please provide the details of anyone to be added to the title deeds?

Can you give the details of anyone who jointly owns the premises with you?

Where you are adding someone on to the property how do you wish to hold the property? Please provide your instructions by completing and returning a“Joint Ownership Declaration” Questionnaire.

Please list all persons who occupy the property, their respective ages and relationships to you.

Please provide the name(s) and addresse(s) of anyone to be removed from the title deeds?

Please confirm whether you are receiving any payment as part of the Transfer or Equity and from whom and provide details of the amount?

Important warnings to consider in supplemental the above Intelligent Finance transfer of equity Info :

Tax and Legal

There are numerous potential tax and legal implications when transferring equity for your property. You should always seek the advice of a solicitor on the Intelligent Finance conveyancing panel and accountant before transferring equity.

Transfer of Equity Conveyancing for Leasehold titles

Should the tenure of your property be leasehold, the lease may require that you obtain the consent of the landlord. If such terms are not adhered to you may be in breach of the lease. This could potentially result in the freeholder taking enforcement action against you.

Indemnity Insurance

If the transfer of equity is made pursuant to an Order of the Court, then Insolvency Indemnity Insurance is not required. In other cases, where a property is being transferred at less than market value between joint owners, an Insolvency Act Indemnity Insurance policy may be required. This is something that that your conveyancer will check with Intelligent Finance This is because, if the outgoing party is made bankrupt in the future, their Trustee in Bankruptcy could argue that they had transferred the property in order to avoid their creditors and apply to the Court to have the transaction set aside. If this happens, it could affect your lender or a future buyer from you as they would lose the property and the lender may not get back what they have loaned to you. The Insolvency Act Indemnity Insurance policy only protects lenders such as Intelligent Finance or future buyers from you. If there is no mortgage and the outgoing owner is made bankrupt, there is a risk to you that you could lose your home if the transfer is set aside. The cost of the Insolvency Act Indemnity Insurance policy varies based on the valuation of the property at the conclusion of the transfer of equity transaction.
Your property may be repossessed if you do not keep up repayments on your mortgage with Intelligent Finance.

Preparing the Transfer of Equity with a Intelligent Finance Mortgage

When it comes to preparing the the Land Registry documents your conveyancer should in the ‘consideration’ panel choose the first option, if consideration is given; otherwise ignore the consideration panel altogether.

If Intelligent Finance is joining in the transfer to release someone from liability, put the release in the ‘additional provisions’ panel if someone is entering into a covenant relating to the charge, place it in the ‘additional provisions’ panel stamp duty land tax is not payable when there is no chargeable consideration for the transfer (Schedule 3, paragraph 1 of the Finance Act 2003). In the case of a transfer subject to a charge (even if the transfer is by way of gift) or if a property has been transferred for no value and there is an associated discharge, HMRC would view this as an assumption of an existing debt by the purchaser (Schedule 4, paragraph 8 of the Finance Act 2003) and stamp duty land tax may be payable if you wish you may state in the ‘additional provisions’ panel that ‘This transfer is made subject to a charge dated… in favour of…’

On form AP1, your lawyer should describe the transfer as ‘transfer of equity’ to assist Land Registry staff.

Information contained within this webpage is for general information and only applies to England and Wales. It does not constitute advice for members of the public who should contact their lawyer,mortgage broker, insurer and accountant for specific advice relating to transfer of equity. Whilst we endeavour to keep the information up to date and correct we do not make any representation or warranties of any kind about its completeness, accuracy, reliability or suitability. Any reliance you place on the information is strictly at your own risk. Lexsure will not be liable for any direct or indirect loss or damage arising out of or in connection with the use of this information.


Frequently asked questions relating to Intelligent Finance transfer of equity